Mould Machine : 2090000.00 Excise : 209000.00 Ed Cess : 5000.00 CST 2% against C Form 49000.00
Total Payable : 2353000.00
What entry should I Pass for Booking Fix Asset. The Firm is Manuf. he pays Vat,Cst,Servicetax.
Can he get benefit of Excise Duty & CST Duty or all the Amount should be capitalized.He Had paid 27000.00 Transportation & 11000.00 Installation Charges.Please give me the perfect Idea & entry and logic to be used.
Transport,Excise,CST all shoud be Capitalized with Machine
21 June 2010
The manufacturer can take cenvat vredit of the excise duty and Ed. Cess. Hence, amount of Rs. 214000 should not be capitalised. Rest all expenses are capital expenditure and form part of the fixed asset.
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